Professor Baek Tae-young Appoints First Member of the International Sustainability Standards Committee
The International Financial Reporting Standards(IFRS) Foundation has appointed Baek Tae-young, a professor at Sungkyunkwan University, as the first member of the International Sustainability Standards Committee(ISSB), The Financial Services Commission said on the 15th.
ISSB is an independent standards-setting organization established by the IFRS Foundation in November last year to establish standards for disclosure of international standards. The total number of members is 14.
Back served as a professor at Sungkyunkwan University's Business School and as a member of the Finance and Accounting Advancement Committee of the Ministry of Public Administration and Security, a member of the National Accounting System Review Committee of the Ministry of Strategy and Finance, and chairman of the Korea Accounting Association.
Baek will be responsible for the establishment of IFRS sustainability disclosure standards in the ISSB for three years.
The Financial Services Commission said, "The appointment of Baek is the result of the positive impact on the international awareness and credit that Korea has formed by actively participating in the activities of the IFRS Foundation."
Source : YonHap News https://www.yna.co.kr/view/AKR20220715033800002?input=1195m
1. How do you feel about being appointed as the first member?
It is a great honor to be appointed as one of a total of 14 members worldwide of the new ISSB(International Financial Reporting Standards Board) under the IFRS Foundation, which is expected to play a major role in establishing internationally standardized sustainability disclosures. The importance of the disclosure of sustainability(ESG) is increasing very quickly and greatly in the Korean business world, and I feel a great responsibility to play role as a Korean member in the international organization at the center. I am sorry that my long life as a professor ended a little early because I worked full-time as ISSB a year before my retirement age, but I think I will feel a new sense of challenge and worthwhile in life.
2. What are your plans for future activities?
ISSB members are broadly classified into four regions: General, Americas, Asia-Oceania, and Europe-Africa. I represent the Asia-Oceania region along with representatives from China and Japan. It serves to inform and support the introduction of ISSB disclosure standards not only in Korea but also throughout Asia-Oceania. Of course, it also plays a role in the process of establishing the first two standards and the process of establishing the standards in the future after which we have reached an agreement on the current exposure draft. As the impact of this standard is significant not only for large companies but also for small and medium-sized companies, I would lite to discuss with many stakeholders about the benefits of introducing the standard and how to ease the burden of introduction. We ask for your interest and support.